Teles AG

ots Ad hoc-Service: TELES AG TELES Defends Itself Against Bizarre Misinformation

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    Berlin (ots Ad hoc-Service) - Grossly misleading reports in several daily newspapers have been published in the last few days concerning the Annual Shareholders Meeting of TELES AG held on July 11th, 2000: They give the impression that the shareholders massively criticized the management of TELES and that the meeting left behind a completely confused impression in general. An example for this is the report in yesterday's "Börsen-Zeitung".

    The TELES stock rate has been and is negatively affected by this bizarre misinformation. The management therefore considers the following correction as to be absolutely necessary,

    The Annual Shareholders Meeting actually took place in a completely different and very positive fashion.

    The acts of the Supervisory Board and the Management Board of TELES were ratified by approximately 99 percent and 85 percent of the present capital which was eligible to vote on these two issues. All of the other decisions were passed with majorities between 99,78 percent and 99,97 percent. Thus, the Annual Shareholders Meeting almost unanimously approved the new orientation of TELES.

    These convincing votes also mirror the course of the Annual Shareholders Meeting: It followed in almost complete agreement the deliberations and suggestions of the supervisory board and the management board of the company - in several cases after detailed questioning. Even the discussion concerning the regrettably negative development in the 4th quarter 1999 and in the 1st quarter of this year was held in a disciplined manner. The most critical speakers - the two representatives of stockholders' associations - also supported after extensive discussion the ratification of the acts of the management as well as its change of strategy. The Annual Shareholders Meeting was very well attended, with over 780 non-company participants.

    Prof. Sigram Schindler, CEO TELES AG

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